Mayor Signs Ordinances, Lease for 2 Canal Street Redevelopment
NEW ORLEANS – May 8, 2015 – (RealEstateRama) — Upon the City Council today adopting the ordinances and lease related to the redevelopment of 2 Canal Street with Carpenter/Woodward (Four Seasons), Mayor Mitch Landrieu issued the following statement after affixing his signature to the ordinances and the lease for the project in a signing ceremony held today in the Mayor’s office
STATEMENT FROM MAYOR MITCH LANDRIEU:
“Today is an exciting day for the people of New Orleans as the iconic building at 2 Canal Street is officially given new purpose as a Four Seasons Hotel and condominiums. This project should make the people of New Orleans proud as it returns this unmistakable part of our skyline back into commerce. 2 Canal Street will once again be a world-class space for a world-class city.
“Through an open and competitive process consistent with the procedures that my administration has championed since taking office, we selected a developer that has experience, impressive performance history and qualifications, financial capacity and feasibility that is also committed to meeting the City’s significant disadvantaged business enterprise (DBE) participation requirements. The Carpenter/Woodward (Four Seasons) proposal maximizes the City’s return on investment by creating good-paying jobs – including over 1,600 construction jobs and 450 permanent jobs – and will be a demand generator that attracts further investment across our city.”
Five final proposals were received by the City of New Orleans and reviewed through an open, competitive process and Carpenter/Woodward (Four Seasons) emerged as the clear choice based on their experience, performance history and qualifications, financial capacity and feasibility, commitment to significant DBE participation and workforce development, and overall economic benefit to the City.
The New Orleans Building Corporation (NOBC) Board of Directors approved the Selection Committee’s recommendation and negotiated with the Four Seasons on terms of a reasonable lease for market value rents that maximize the City’s return on investment in a way that creates jobs and meets the City’s DBE participation goals. The NOBC selected the developer based on these criteria in an open and competitive process consistent with the procedures described in Executive Order MJL 10-05. The ordinances authorizing the redevelopment and the lease were unanimously approved by the New Orleans City Council today.